Individual Development Accounts (IDAs)
Individual Development Accounts (IDAs) are matched savings accounts that double participants' savings. Participants must meet income requirements to enroll.
To see current income requirements, please click on the link below.
IDA participants can save up for a down payment on a home, college or post-secondary school tuition, or to start a business.
|Springfield homeowner Kim Rivera used the IDA program to triple the size of her down payment.|
What is an Individual Development Account (IDA)?
A matched savings opportunity for people who want to:
- Buy a Home
- Start or Capitalize a Business
- Go to College or post-secondary vocational school
Who Is Eligible?
- Residents who have earned income to deposit into a savings account
- Residents with incomes at or below 200% federal poverty level (see link above)
- People with monetary assets at or below $10,000 (excluding one vehicle & primary residence)
What are IDA Participant Requirements?
- Meet Income Guidelines
- Complete a Financial Literacy Workshop Series and an asset-specific training program, such as a first-time homebuyers course, an entrepreneurship class, or college enrollment information sessions
- Have a credit score high enough to buy a house or start a business
How Does the IDA Program Work?
|A Financial Literacy class|
You commit to depositing cash weekly or monthly in a bank account. You save $2,000 in 3 years or less, Springfield Partners will match $4,000.
Education or Business:
You commit to depositing cash weekly or monthly in a bank account. You save $1,000 in 3 years or less, Springfield Partners will match $2,000.
Youth IDA participants must complete the required number of community service hours.
All IDA participants must complete the Financial Literacy Workshop Series offered by Springfield Partners.
When will my IDA funds be released to me?
After you have participated in the program for at least 6 months, AND:
- You've saved the agreed upon amount
- You've completed an asset specific training program
- You've completed the Financial Literacy Workshop Series.
To enroll or for more information, please contact:
IDA Program Coordinator